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> I imagine it would raise a few KYC red flags and reporting requirements, of course. real estate industry is exempt from AML/KYC requirements, they lobbied Co
by yieldcrv 3y ago
> I imagine it would raise a few KYC red flags and reporting requirements, of course.
real estate industry is exempt from AML/KYC requirements, they lobbied Congress and won
secondly, you can use a lawyers IOLTA account for these large transactions, its pooled money from all of their clients - usually retainers and settlements - but nothing dictates that limitation. Banks consider them institutional investors that already did KYC. but. I mean. The client could be from anywhere and the lawyers account cant get probable cause on it for just that.
It’s a known gap in the US AML/KYC framework. DOJ and thinktanks and the EU have been aware for at least a decade.
- zb1plus 3y agoThat's wild that we have to deal with AML/KYC buying a few dollars of crypto but a multimillion dollar real estate translation just goes through without the government sniffing its nose into things. Just goes to show you how unfair the system is towards the little guy.
- yieldcrv 3y agoJust shows how bad crypto sector is at buying politicians Ross could have been free with a donation to Trump’s campaign, it was pay to play
- gruez 3y ago>real estate industry is exempt from AML/KYC requirements Source?
- yieldcrv 3y agohttps://www.federalregister.gov/documents/2024/02/16/2024-02565/anti-money-laundering-regulations-for-residential-real-estate-transfers#:~:text=2.-,FinCEN's%20Real%20Estate%20Exemption,establish%20an%20AML%2FCFT%20program https://www.federalregister.gov/documents/2024/02/16/2024-02.... This is about residential but commercial real estate is no different and is more likely to use even more opaque lending sources